- Analytics
- News and Tools
- Market News
- GBP/USD Price Analysis: Seesaws near 1.3250, bearish pennant in focus
GBP/USD Price Analysis: Seesaws near 1.3250, bearish pennant in focus
- GBP/USD consolidates recent losses, picks up bids around yearly low.
- Bearish chart pattern, absence of oversold RSI keep sellers hopeful.
- Key SMAs, monthly resistance line adds to the upside filters.
GBP/USD grinds lower despite picking up bids to 1.3250 during Wednesday’s Asian session.
The cable pair remains pressured for the last one week around the 20221 bottom. In doing so, it forms a bearish chart pattern called pennant and keeps the sellers hopeful. Also favoring the bears is an absence of the oversold RSI.
However, a clear downside break of 1.3220 becomes necessary for the GBP/USD sellers to aim for the theoretical target surrounding 1.2900.
During the fall, the yearly low near 1.3190 and the 1.3000 psychological magnet will act as intermediate halts.
Meanwhile, 50-SMA adds strength to the pennant’s resistance line, around 1.3290, to challenge the recovery moves.
Even if the quote rises past 1.3290, a convergence of the 100-SMA and one-month-old descending trend line near 1.3350 will be a tough nut to crack for the GBP/USD buyers.
To sum up, GBP/USD bears keep reins and await a clear break of 1.3220 for further dominance.
GBP/USD: Four-hour chart
Trend: Bearish
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
